NEW YORK, Feb. 27, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Anavex Life Sciences Corp. (NASDAQ: AVXL), Roblox Corp. (NYSE: RBLX), Telefonaktiebolaget LM Ericsson (NASDAQ: ERIC), and Sea Limited (NYSE: SE). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Anavex Life Sciences Corp. (NASDAQ: AVXL)
On February 1, 2022, before the market opened, Anavex announced that a phase 3 trial of ANAVEX2-73 (blarcamesine) for Rett syndrome met primary and secondary endpoints. Following the announcement, several people on social media indicated that the primary and secondary endpoints were recently changed. STAT News writer, Adam Feuerstein, tweeted, “Anavex changed the primary and secondary endpoints of this Rett study on Jan. 18, allowing it to claim success when the drug most likely failed.”
On this news, Anavex’s stock fell $2.04, or 15.6%, to close at $11.04 per share on February 1, 2022, thereby injuring investors.
For more information on the Anavex investigation go to: https://bespc.com/cases/AVXL
Roblox Corp. (NYSE: RBLX)
On February 3, 2022, The Bear Cave published a report alleging that Roblox’s online platform intended for children aged six to fourteen is “also the leading platform for pedophiles.” The report detailed various arrests and indictments of sexual offenses against underage victims as young as five years old, while “[t]he company has engaged in litigation and intimidation to help conceal allegations of pedophilia on the platform.” Furthermore, Roblox’s head of safety and moderation has been accused of “peculiar” social media activity, including numerous “likes” of sexualized cosplayers and the following of a “furry porn” account, and Roblox’s former social media manager allegedly ran a pornographic blog while employed by the Company.
On this news, Roblox’s stock declined as much as 8.5% during intraday trading on February 3, 2022.
For more information on the Roblox investigation go to: https://bespc.com/cases/RBLX
Telefonaktiebolaget LM Ericsson (NASDAQ: ERIC)
On February 15, 2022, Ericsson released a statement revealing that unusual expense claims in Iraq, dating back to 2018, had triggered a review that uncovered concerns about compliance with the company’s Code of Business Ethics.
Ericsson’s statement further disclosed that a subsequent investigation of the conduct of Ericsson employees, vendors and suppliers in Iraq during the period 2011-2019, found serious breaches of the Code of Business Ethics and other compliance rules, and identified evidence of corruption-related misconduct, including, making a monetary donation without a clear beneficiary; paying a supplier for work without a defined scope and documentation; using suppliers to make cash payments; funding inappropriate travel and expenses; and improper use of sales agents and consultants.
In addition, the investigation uncovered violations of Ericsson’s internal financial controls; conflicts of interest; non-compliance with tax laws; and obstruction of the investigation. It also identified payments to intermediaries and the use of alternate transport routes in connection with circumventing Iraqi Customs, at a time when terrorist organizations, including ISIS, controlled some transport routes. Payment schemes and cash transactions that potentially created the risk of money laundering were also identified.
On February 16, 2022, it was reported that Ericsson Chief Executive Borje Elkholm advised the Danish newspaper Dagens Industri that payments dating back to 2018 may have been made to purchase transportation routes “through areas that have been controlled by terrorist organizations, including ISIS.”
On this news, Ericsson’s stock fell $1.45, or 11.6%, to close at $11.01 per share on February 16, 2022, thereby injuring investors.
For more information on the Ericsson investigation go to: https://bespc.com/cases/ERIC
Sea Limited (NYSE: SE)
On February 14, 2022, Bloomberg reported that "India has banned 54 apps it says are of Chinese origin, including Sea Ltd.’s marquee game Free Fire, citing security concerns.”
On this news, Sea’s stock price fell $29.11 per share, or 18.39%, to close at $129.17 per share on February 14, 2022.
For more information on the Sea Limited class action go to: https://bespc.com/cases/SE
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Alexandra B. Raymond, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
